Citizens homeowner insurance policies drop [CBS News]
HCI Group, Inc. (HCI)
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Source: CBS News
Citizens posted data online Monday that showed it had 1,035,534 policies as of Friday, down from 1,271,907 policies a week earlier and 1,268,738 policies two weeks earlier. The drop coincided with nine private insurers having approval to assume up to 410,008 Citizens policies last week as part of what is known as a "depopulation" program. Private insurers also have received approval from regulators to assume as many as 549,307 additional policies before the end of the year through the program. Those are maximum numbers, with the actual shifts of policies into the private market smaller. But the depopulation program is a key strategy as state leaders try to shrink Citizens, which in recent years became Florida's largest property insurer because of financial problems in the private market. As an example of how the process works, Tampa-based HCI Group said its subsidiaries, Homeowners Choice Property & Casualty Insurance Co. and TypTap Insurance Co., assumed a combined total of 42
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HCI
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- 11/7/24 - Miss
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